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Article

13 Apr 2010

Author:
Daniel Brooksbank, Responsible Investor

US pension funds call for resignation of Massey chief after mine deaths

…US pension fund investors have called for the resignation of Don Blankenship, chief executive of US mining firm Massey Energy…New York State Comptroller Thomas DiNapoli, trustee of the New York State Common Retirement Fund which holds…shares of Massey stock...said that Massey under Blankenship’s watch had failure to adequately address and manage the risks at West Virginia’s Upper Big Branch mine, where 29 miners died following the explosion…CtW Investment Group,…has also written to Massey’s lead director Bobby Inman calling for Blankenship’s resignation…CtW said the explosion was the result of the board’s failure to challenge Blankenship’s “confrontational approach to regulatory compliance”. [refers to Pension Protection Fund, Wellington Management Co., FMR LLP (Fidelity), BlackRock Advisors, State Street Corp]